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Gas Prices Skyrocket Near All-Time High

San Diego may have seen its largest one-day increase in prices ever recorded Friday. At some gas stations near Encinitas, prices now approach $5 a gallon. Prices may continue to rise.

The average price of a gallon of self-serve regular gasoline in San Diego County recorded what is believed to be its largest single-day increase Friday, rising 19.5 cents to $4.523, its highest amount since July 10, 2008.

The average price record is $4.63, set on June 19, 2008.

Some gas stations in North County have already surpassed the record, with a high of $4.89 at some stations. In some parts of San Diego, gas prices have reached $5.59.

The average price has risen for seven consecutive days, including 9.2 cents on Thursday and 5.8 cents on Wednesday, and is now 40.7 cents more than one week ago, 36.7 cents higher than one month ago and 70.9 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service.

"Reportedly in recent weeks, local refineries were dropping production levels, exporting supply to Mexico and other countries, and allowing inventory to dwindle in anticipation of switching over to production of winter blend gasoline, then a refinery power outage and a pipeline incident occurred on Monday that sent wholesale markets into a panic about the adequacy of California fuel supplies," said Jeffrey Spring of the Automobile Club of Southern California.

Spring said "it's not clear" how much higher prices will go.

"A lot depends on whether the perceived supply issues are quickly addressed," he said.

As of 4 a.m. Friday, the cheapest gas in Encinitas was $4.20 and could be found at the Mobil station at 310 Encinitas Blvd. The 7-Eleven on Village Parkway was close behind with gas at $4.24.

Editor's Note: Encinitas Patch tracks local gas prices daily at encinitas.patch.com/commute

City News Service contributed to this report.

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Jay Berman October 06, 2012 at 06:03 PM
SUSPEND THE BLEND !!! We need to import gas until supply is fixed ...

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